Posted by Bill Jacobsen on August 11, 2007 at 10:24:11:
It was my understanding that most if not all foreclosures in Florida were judicial.
It is also my understanding that you can apply for an exemption but it does not protect you from debts where you have used the property as collateral such as a mortgage. Again, I am not an attorney.
Bill
Facing future Foreclosure?? - Posted by VITO
Posted by VITO on August 10, 2007 at 09:54:11:
We are having difficulties keeping up with our mortgage and have lived here for 1 and a half years, but we also pay PMI in our mortgage payment. If we let the bank foreclose, would we owe them any money and will or could they freeze our bank account.
We understand it will hurt our credit and at this point we donâ??t care, because we could build it right back up within a year or 2. We donâ??t want to be here anymore anyway. Itâ??s not worth my health, and Florida was a big mistake
So if possible could someone of legal statue give us some info as to what could possible happen.
Re: Facing future Foreclosure?? - Posted by DJ-nyc
Posted by DJ-nyc on August 12, 2007 at 11:44:00:
Foreclosure judgments stay on credit for 10 years.
Why not just sell it for what you owe to an Investor?
Good luck,
DJ-nyc
Re: Facing future Foreclosure?? - Posted by Bill Jacobsen
Posted by Bill Jacobsen on August 10, 2007 at 10:48:27:
I am not a lawyer so I am sure someone will know more about Florida law than I do. It is my understandin that if the lender forecloses on you and receives less than you owed on the property they can obtain a deficiency judgement against you. At the time it is an unsecured debt but they will have the same rights as any other creditor in your state.
Bill
Re: Facing future Foreclosure?? - Posted by Rich-CA
Posted by Rich-CA on August 10, 2007 at 19:09:21:
If the foreclosure is done via court they can get a deficiency judgment but if they use a trustee sale then there is no deficiency judgment.
Also, don’t forget that FL has a nearly unlimited homestead exemption.